Bitcoin’s market dominance drops to 50% for the first time since mid-2018.

Bitcoin's market dominance has taken a nosedive over the past month, dropping to 50% for the first time since July 2018.

According to data from Tradingview, Bitcoin’s market dominance dropped to 50% on April 22, marking the lowest point it has been for 33 months. At the time of writing, it has recovered marginally to 51.48%. A two-month consolidation period at the 62% level ended last month when altcoins started to take off. Bitcoin’s market dominance fell steadily throughout April, shedding 12% to the current level. Bitcoin has witnessed a massive winning rally this year. 

 

Bitcoin’s market share last dropped 50% was in mid-2018. 

The last time Bitcoin’s market share plunged to 50% was in July 2018, when it was priced at just under $8,000. It was the middle of a long bear market that would see the BTC’s price plunged to $3,200 by the middle of December the same year. The leading cryptocurrency’s dominance has been lower; in January 2018, when altcoins were at their peaks, the largest cryptocurrency only commanded 35% of the market. As was the case during the last bull run, Ethereum has taken the largest chunk out of Bitcoin’s market pie. Ethereum is just below 30% of Bitcoin’s market cap with $285 billion compared to $978 billion. Ethereum has a market share of 14.25%.

 

Bitcoin recovers from its weekend dip to trade above $52,000.

Ethereum continues to trade high while BTC has corrected around 27% to Sunday’s low of $47,250. Ethereum’s total correction since ATH has been 18% by comparison as it fell to $2,150 over the weekend. At the time of writing, BTC is changing hands at just above $52,000. Binance Coin has also powered up the crypto coin cap charts into third with $82 billion and a 4% share of the total market, which has just topped $2 trillion again. The surge in stablecoins in circulation has also contributed to Bitcoin’s diminishing market share over the past few months.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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